Wendy's Corp (WEN.US) began trading on-chain at 14:50 UTC through a structure involving Backpack Securities, Sunrise and Raydium. Sunrise, the Wormhole Labs tokenization protocol behind Backpack's expanding equity roster, converts the underlying shares into a Solana token, while Backpack Securities holds the corresponding stock as a regulated broker-dealer. The token then trades continuously in Raydium pools. By 17:56 UTC, Raydium reported $7.3 million in volume, more than 108,000 trades and over 6,700 unique wallets. The arrangement follows Solana listings for SanDisk's SNDK in June and Strategy's tokenized MSTR shares in July, and adds a recognizable consumer brand to a roster spanning technology, pharmaceutical and financial companies. At the same time, StonkFun, operated by LaunchOnSF, made WEN a base-pair asset for token launches on Raydium. Its users can create tokens whose liquidity pools are denominated in tokenized shares, cryptocurrency or other assets instead of SOL or a stablecoin. New tokens begin on a bonding curve (a formula that adjusts price with supply) and move automatically into Raydium pools after reaching a graduation threshold. StonkFun routes launches through Raydium's LaunchLab, the token-creation infrastructure Raydium developed after its split with Pump.fun, with the platforms sharing resulting fees. StonkFun added ORE, the Ore Protocol mining token, as another pairing option by 17:00 UTC. Holding a StonkFun meme token does not provide ownership of the referenced stock or a legal claim against the company; the pairing is a market-structure mechanism rather than an equity interest. The launch came as Solana's tokenized-equity supply reached a fresh record, according to an earlier report published that morning, with WEN adding demand from thousands of wallets for an asset that had not existed on-chain before noon UTC.